Reinsurance News
wildfire
Latest count shows 1,091 structures destroyed by Marshall Fire
10th January 2022
The latest figures from the Boulder Office of Disaster Management (ODM) show that the late-season Marshall Fire in Boulder County, Colorado has destroyed at least 1,091 structures, with a further 179 damaged. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two ... Read the full article
KCC pegs Marshall Fire insured loss at around $1bn
5th January 2022
The late-season Marshall Fire in Boulder County, Colorado, which destroyed almost 1,000 structures after strong winds accelerated the spread, is estimated to have resulted in insured losses of approximately $1 billion, according to risk modeller Karen Clark & Company. On December 30th, 2021, a rare and devastating wildfire started in Boulder ... Read the full article
Non-renewals fall in California, but highest rates seen in wildfire zones
22nd December 2021
The California property insurance market saw the number of homeowners non-renewed by insurance companies falling by 10 percent statewide in 2020, compared to the previous year. Driving this was mandatory moratoriums from Insurance Commissioner Ricardo Lara, which made up over 80% of the statewide reduction in non-renewals. The latest data on California's ... Read the full article
Climate modeller Terrafuse AI launches platform for Cali wildfire risk
22nd October 2021
Terrafuse AI, a climate and weather risk forecasting tool developer, has launched a new platform for assessing and mitigating the growing property risk from wildfires in California, called Wildfire AI. Nearly 4.5 million U.S. homes were identified at high or extreme risk of wildfire, with more than 2 million in California ... Read the full article
Idaho & Wyoming face disproportionate wildfire costs: CoreLogic
30th September 2021
A new report by catastrophe risk modeller CoreLogic has identified Wyoming and Idaho as the states most at risk for a prolonged wildfire recovery. While California traditionally tops the list each year for wildfire risk simply because it’s the most populous state, CoreLogic’s approach for this year’s report used different metrics ... Read the full article
APRA to enforce prudential standards for Australian bushfires
4th March 2021
The Australian Prudential Regulation Authority’s (APRA) has announced it will be establishing and enforcing prudential standards and practices in regards to the Australian bushfire season 2019-20. APRA Executive Director, Sean Carmody has said that the standards have been designed to ensure that financial promises made by institutions it supervises are met ... Read the full article
Southern California Edison in $2.2bn Woolsey Fire subrogation settlement
26th January 2021
Southern California Edison (SCE), the California electrical utility, has entered into a $2.2 billion agreement to settle all subrogation claims in the pending litigation arising from the 2018 Woolsey Fire. Previously, SCE had agreed to pay $1.6 billion for claims related to the 2017 Thomas and Koenigstein fires and 2018 ... Read the full article
Almost 2 million homes at elevated risk of wildfire damage in the US: CoreLogic
1st October 2020
Catastrophe risk modeller CoreLogic has released its Wildfire Risk Report for 2020, which finds that 1,975,116 homes in the U.S. with an associated reconstruction cost of over $638 billion are at an elevated risk of wildfire damage. According to ... Read the full article
Tens of thousands of structures at risk as California wildfire season intensifies
20th August 2020
Wildfires continue to rage through Northern California, threatening thousands of properties and structures, prompting evacuations and a State of Emergency in California. In recent days, the California wildfire season has intensified, driven by severe thunderstorms and lightning, exacerbated by hot and dry weather. After the active and costly wildfire seasons in both ... Read the full article
PG&E pays $11bn settlement to re/insurers, joins wildfire fund
2nd July 2020
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has paid an $11 billion settlement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. The utility completed its settlement after receiving court approval for its Chapter 11 Plan of Reorganization last ... Read the full article
PG&E agrees to $13.5bn settlement with California wildfire claimants
9th December 2019
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has agreed to a $13.5 billion settlement to resolve individual claims relating to the 2017 Northern California Wildfires and the 2018 Camp Fire. The settlement, which also covers claims arising from the 2015 Butte Fire and the 2016 Ghost Ship Fire in ... Read the full article
California imposes non-renewal moratorium after wildfire crisis
6th December 2019
California has issued a mandatory one-year moratorium on insurance companies non-renewing policyholders in a bid to provide temporary relief to residents hit by recent wildfires. Insurance Commissioner Ricardo Lara believes the moratorium will help at least 800,000 homes in wildfire disaster areas in Northern and Southern California, while helping to stabilise ... Read the full article
California issues emergency notice to expedite wildfire claims
21st November 2019
California has issued an emergency notice to all property and casualty (P&C) insurers doing business in the state, requesting they expedite claims handling to help wildfire survivors rebuild more quickly. Insurance Commissioner Ricardo Lara has asked insurers to provide greater flexibility concerning deadlines and documentation for those affected by the fires. Proposals ... Read the full article
Insurance claims at $115m as Australia bushfires continue
20th November 2019
As bushfires continue to rage across New South Wales and Queensland the Insurance Council of Australia has announced estimated industry losses of AU $115 million (US$78 million). Blazes across the two eastern states have so far destroyed more than 500 houses and blanketed Sydney in bushfire smoke, prompting dozens of calls ... Read the full article
California wildfire outbreaks underline ‘new normal’ challenge: AM Best
30th October 2019
With several intense wildfire outbreaks already recorded in California this year, and much of the season still to go, AM Best has underlined the challenge that re/insurers will face in adapting to a potential ‘new normal’ trend of heightened wildfire activity. Although wildfire activity in 2019 thus far has been quieter ... Read the full article
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